Invst LLC purchased a new stake in Fortive Corporation (NYSE:FTV – Free Report) in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor purchased 14,845 shares of the technology company’s stock, valued at approximately $907,000.
Several other hedge funds also recently added to or reduced their stakes in FTV. Root Financial Partners LLC lifted its position in Fortive by 43.6% during the 4th quarter. Root Financial Partners LLC now owns 553 shares of the technology company’s stock worth $31,000 after acquiring an additional 168 shares in the last quarter. Arkadios Wealth Advisors grew its position in Fortive by 2.1% in the first quarter. Arkadios Wealth Advisors now owns 9,047 shares of the technology company’s stock valued at $500,000 after acquiring an additional 187 shares in the last quarter. Rothschild Investment LLC raised its stake in shares of Fortive by 20.5% during the fourth quarter. Rothschild Investment LLC now owns 1,113 shares of the technology company’s stock valued at $61,000 after purchasing an additional 189 shares during the period. Empowered Funds LLC raised its stake in shares of Fortive by 2.3% during the fourth quarter. Empowered Funds LLC now owns 8,733 shares of the technology company’s stock valued at $482,000 after purchasing an additional 197 shares during the period. Finally, Clearstead Trust LLC lifted its position in shares of Fortive by 29.8% during the fourth quarter. Clearstead Trust LLC now owns 953 shares of the technology company’s stock worth $53,000 after purchasing an additional 219 shares in the last quarter. 94.94% of the stock is owned by hedge funds and other institutional investors.
Fortive Stock Performance
Fortive stock opened at $59.49 on Wednesday. Fortive Corporation has a 52 week low of $46.54 and a 52 week high of $64.56. The company has a current ratio of 1.24, a quick ratio of 1.00 and a debt-to-equity ratio of 0.58. The stock has a market cap of $17.97 billion, a P/E ratio of 35.20, a price-to-earnings-growth ratio of 2.50 and a beta of 1.06. The stock has a 50 day moving average of $61.13 and a 200-day moving average of $59.47.
Fortive Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Friday, September 4th will be given a $0.07 dividend. This represents a $0.28 annualized dividend and a dividend yield of 0.5%. The ex-dividend date of this dividend is Friday, September 4th. This is an increase from Fortive’s previous quarterly dividend of $0.06. Fortive’s payout ratio is presently 14.20%.
Fortive announced that its Board of Directors has authorized a stock buyback plan on Monday, May 4th that permits the company to repurchase 20,000,000 shares. This repurchase authorization permits the technology company to repurchase shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.
Analyst Ratings Changes
A number of equities research analysts recently weighed in on the stock. Weiss Ratings raised shares of Fortive from a “hold (c-)” rating to a “hold (c)” rating in a report on Wednesday, August 12th. JPMorgan Chase & Co. boosted their price objective on shares of Fortive from $63.00 to $64.00 and gave the stock an “underweight” rating in a report on Tuesday, May 12th. Truist Financial reissued a “hold” rating and issued a $68.00 price objective (up from $67.00) on shares of Fortive in a research report on Thursday, July 30th. Argus restated a “buy” rating and set a $68.00 target price on shares of Fortive in a research note on Wednesday, August 19th. Finally, Royal Bank Of Canada lifted their target price on Fortive from $59.00 to $63.00 and gave the stock a “sector perform” rating in a research report on Friday, May 1st. Two investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $63.10.
Check Out Our Latest Report on FTV
Insider Buying and Selling at Fortive
In other news, SVP Peter C. Underwood sold 8,662 shares of the company’s stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $61.59, for a total value of $533,492.58. Following the sale, the senior vice president owned 79,118 shares in the company, valued at approximately $4,872,877.62. This represents a 9.87% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.65% of the company’s stock.
About Fortive
Fortive Corporation (NYSE: FTV) is a diversified industrial technology company headquartered in Everett, Washington. The company was created through a spin‑off from Danaher Corporation in 2016 and has since focused on building a portfolio of professional instrumentation and industrial technology businesses. In 2020 Fortive completed a further portfolio separation with the spin‑off of Vontier, concentrating Fortive’s activities on higher‑margin instrumentation, software and services.
Fortive’s operations center on professional test and measurement, sensing and monitoring, software‑enabled solutions, and lifecycle services that support industrial and commercial customers.
Featured Articles
- Five stocks we like better than Fortive
- Pathward’s Credit Scare Tests Its Comeback Story
- Wiring the AI Boom: Rumble’s $13.7B Pivot
- StoneX: Too Far Too Fast?
- DICK’s Sporting Goods Faces Pain Now for a Bigger Prize
Want to see what other hedge funds are holding FTV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Fortive Corporation (NYSE:FTV – Free Report).
Receive News & Ratings for Fortive Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fortive and related companies with MarketBeat.com's FREE daily email newsletter.
